Use of technology in the study of economics:

The various types of digital tools frequently used in the study of economics are:

Computer technology:

• Computers and economics now go hand in hand.
• Computers are used to solve several purposes of economics. Some of them are discussed below.

1. In making presentations:

• Complicated economic information/data and difficult economic theories can be easily represented by making their Powerpoint presentations.
• For example, if one has to explain the budget briefly then he can simply make a 3 to 4 slides in Microsoft Powerpoint, highlight the main topics, show important figures and charts and explain the entire budget.

2. Excel worksheets:

• Economics deals with lots of data. Researchers come across data having thousands of observations on a daily basis. It is almost impossible to handle so much data manually.
• Microsoft Excel is a powerful tool for handling large data related to several economic parameters and then and performing analysis on it.
• For example, ¡f we survey on a number of items produced by small scale
  industries in India, we would get thousands of observations.
• We can feed this data in excel and get various figures such as total production, average production, number of units in a given region, total exports, etc. within seconds.
• Excel also has numerous types of graphs and diagrams which can be created within a click.

Diagrams and graphs:

There are several programs in a computer which help us to draw diagrams and graphs used frequently in economics.